MTI TURNS A PROFIT AFTER CUTTING STAFF NEW FLEET CHECK STATEMENTS RACING TIMES IS A SCRATCH CHRYSLER DETAILS A BAD YEAR S&L FRAUD RESTITUTION LACKING OWENS-CORNING STOCK RISES.(Business)

Byline: James Denn Business writer Staff report Associated Press Associated Press Associated Press Associated Press

Mechanical Technology Inc. announced Thursday that it has had its first profitable quarter in 18 months.

The company took a hard-ball approach in getting its finances in the black. It slashed about 12 percent, or 65 people, out of its work force in 1991. Mechanical Technology currently employs about 595 people.

For its quarter ended Dec. 31, the test and measurement company listed sales of $18.56 million and profits of $248,000. Sales were 26 percent ahead of last year's first-quarter results of $14.76 million, and its profits substantially improved from its $757,000 loss recorded in that period.

"I am pleased with our first …